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Plaza North Shopping Center | 10% Cap Rate

3801 Ross Clark Road
Dothan, AL 36303
PRICE : $3,250,000
PROPERTY TYPE: Retail
SITE SIZE: 7.57 Acres
BUILDING SIZE: 79,400 SF
YEAR BUILT: 1981

Highlights

  • Cap rate based on current income of 10%
  • Consists of seven units (4 occupied)
  • Six-bay auto repair facility
  • Four tenants include Burnham Shoes, Dothan Deal, M&R Clothing, and Surplus Warehouse
  • Seller Financing Available to Qualified Buyers

Description

Plaza North provides an excellent opportunity for an investor to purchase a Neighborhood Center with stable, long-term tenants at an outstanding cap rate based on current income of 10%.

The center consists of seven units (4 occupied) and a six-bay auto repair facility occupied by Master Mechanix (which just exercised a 5-year option through August 2021). The four tenants are Burnham Shoes, Dothan Deal, M&R Clothing, and Surplus Warehouse, which serves as anchor and occupies about half of the center. Surplus Warehouse (over 100 stores in 16 states) provides long-term stability to the center, as they have occupied the space since 1981.

Potential upside opportunities include increasing rents to market rate, leasing out the three vacant spaces (7,051 SF), and realizing the 10% rent escalation in Burnham’s lease next year.

Tenants benefit from prime location at the signalized intersection with Denton Road, large monument signage on Ross Clark Circle (26K VPD), and a recently rescaled and restriped parking lot. The center is also conveniently located less than a mile from Dothan Mall (636K GLA) and Northside Mall (358K GLA).


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